MORTGAGE OPTIONS FOR THE VILLAGES AT BERKLEY, MANTUA, NJ
Are you considering a home for sale in the Villages at Berkley located in Mantua, NJ (Gloucester County)?
The Villages at Berkley is a condo and townhome complex located off of Berkley Road in Mantua, NJ. The complex boasts a club house, pool, tennis courts and other amenities. Located in Gloucester County, NJ, there is plenty of access to local stores such as Home Depot, KMart, Staples, and ShopRite. More recently to come to Mantua is a Target and a Lowe's Home Improvement Store. With all of these local options, Mantua still has plenty of parks and walking trails such as those at Chestnut Branch Park on Main Street, which is also the location for many of Mantua's youth sports events.
MORTGAGE FINANCING OPTIONS
The Villages at Berkley has a good price range, spanning from properties below $100,000 to the larger models which have sold for over $200,000. A portion of the units are low-to-moderate income units with one or two bedrooms. Some larger models have 3 bedrooms, 2.5 baths and basements. Below is a breakdown of several financing options you can consider for purchasing a home in the Villages at Berkley.
The typical loans available for Gloucester County area are: Conventional, FHA, VA, and USDA.
Purchase price: $100,000
Loan: FHA (Required downpayment is 3.5%, or $3,500)
Tax Estimate: $140/mth
Est. Assoc. Fees: $72/mth
Est. Closing and Prepaid Items: $3,200
Est. Monthly Payment: At a 5.5% rate, the mortgage payment would be $547
Est. Total Monthly Payment (PITIA): $823/mth
**First Time Home Buyer's OPTIONAL FINANCING: One current mortgage option is to use a portion of the first time home buyer's tax credit as a down payment on a home. Utilizing this program, known as the Tax Prefund mortgage option, a first time home buyer can receive up to $5,000 of the $8,000 tax credit currently given from the federal government. This $5,000 will be applied to the buyer's required downpayment of $3,500. With $1,500 left over from the credit, a buyer can then apply the balance ($1,500) towards their closing costs. Using this equation a buyer would have to have $1,700 of their own money to close on a purchase of this home. (A buyer can also utilize seller concessions to pay for the difference, in which case in the end, the buyer would need no money his own.)
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Example #2: Home Purchase using 100% Financing (USDA) loan
Purchase price: $150,000
Loan: USDA (Required downpayment is 0%)
Tax Estimate: $216/mth
Est. Assoc. Fees: $80/mth
Est. Closing and Prepaid Items: $3,800
Est. Monthly Payment: At a 5.5% rate, the mortgage payment would be $851
Est. Total Monthly Payment (PITIA): $1,185/mth
In this scenario no downpayment is required. A buyer would still have to pay their estimated $3,800 closing costs and pre-paid items (taxes and insurance). These costs can also be negotiated to be paid by the seller. This is typically done and the time of negotiation when a buyer and seller come to terms.
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Example #3: Home Purchase using a Conventional loan
Purchase price: $225,000
Loan: Conventional (5% minimum required down payment - our example will use 20% down)
Tax Estimate: $349/mth
Est. Assoc. Fees: $125/mth
Est. Closing and Prepaid Items: $4,500
Est. Monthly Payment: At a 5.5% rate, the mortgage payment would be $1,022
Est. Total Monthly Payment (PITIA): $1,496/mth
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Above you have seen just a few examples of financing a home in the Villages at Berkley. There are many other options and ways to structure financing for a new home. Many of these options will work on other homes in the area, but all mortgage programs have guidelines that may or may not allow you to utilize them with the home you desire to purchase. Be sure to consult a mortgage professional with your particular scenario to see what options are available to you.
Other Helpful Links
Understanding and Using All of Your First Time Home Buyer Options
Understanding Seller Concessions | Seller Paid Closing Costs | Seller Contributions | Seller Assist
Financing and Mortgages with a Credit Score Below 620
Why I'm Stressing Over Someone Else's Credit
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